Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I don't know about Charlotte, but my son has been trying to buy an apartment in the Boston area and has twice missed out while bidding up to 9% above the asking price for a 1br or studio apartment. The rental market is very strong and money is still cheap, so investors are snapping up apartments and renting them out, or parents are buying them for their college student kids because the monthly cost of owning is less than rent.
In Charlotte I am troubled by the high percentage of FHA financing that only requires 3.5% down payment. That is less than the realtor's commission!!! Makes it too easy to fudge around and put people in a house they really can't afford. Does that sound familiar? It should... 2006, 2007 all over again.
I don't know about Charlotte, but my son has been trying to buy an apartment in the Boston area and has twice missed out while bidding up to 9% above the asking price for a 1br or studio apartment. The rental market is very strong and money is still cheap, so investors are snapping up apartments and renting them out, or parents are buying them for their college student kids because the monthly cost of owning is less than rent.
In Charlotte I am troubled by the high percentage of FHA financing that only requires 3.5% down payment. That is less than the realtor's commission!!! Makes it too easy to fudge around and put people in a house they really can't afford. Does that sound familiar? It should... 2006, 2007 all over again.
I'm assuming you meant 2007-2009 when the U.S. went downhill.
This only works if housing values don't dip in your area. There are plenty of people in other states who applied your basic principles and they are still upside down/ I'll never put 20% down again. Never.
Quote:
Originally Posted by Big Aristotle
The housing market risk is minimized if you apply the basic fundamentals of homeownership. Plan to live in the home for a minimum of 5-10 years with a 15-25% down payment.
Attempting to play the trend/timing game is as risky as the stock market for trying to turn a quick buck and is better suited for the pros. Instead, many people treated their property (equity) as a cash cow and thus probably don't have it anymore during previous bubble...too many episodes of the lifestyles of the rich and famous.
This only works if housing values don't dip in your area. There are plenty of people in other states who applied your basic principles and they are still upside down/ I'll never put 20% down again. Never.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
